Special Issue - Teacher Next Door   


US Government Grant available for Teachers
Houses at half price!

 

Timothy Liptrap here for the 101 Financial Lessons newsletter. Every so often I come across an interesting article or web site that I believe could be beneficial to our readers, so I pass them on.

I came across a government program called the "Teacher Next Door" (TND) which is granted funded program administered by The US Department of Housing and Urban Development (HUD) that will pay (literally) 50% of your house mortgage.

Essentially, if you qualify for the program and you are to purchase a $100,000 home in a "revitalization area", HUD would pay $50,000 or 50% of your mortgage if you live their  for 3 years. After 3 years, if you decided to move, you are free and clear of your commitment and can sell the home at full market value.

In addition, if you qualify for FHA mortgage such as a FHS 203(b) or FHA 203(k), your down payment can be as low as $100.

As the Vice President of the 101 Financial Lessons newsletter, I would seriously
encourage any teacher who is considering the purchase a new home and who is willing to stay in a community for three years, to look into this program. Depending upon your age, the TND grant could put you financially years ahead of your fellow teachers and prepare you for retirement.

Quote from the HUD press release August 01, 2001.

http://www.hud.gov/news/release.cfm?content=pr01-073.cfm

"The escalating teacher shortage requires school systems to employ innovative
approaches to attract and retain teachers, and this is especially true in low-income, urban neighborhoods," said Sandra Feldman, president, American Federation of Teachers. "The Teacher Next Door program is a creative and practical way to entice teachers to the communities where they are needed most. Schools are cornerstones on the community.

and this program will help deepen the bonds between neighborhood schools and
communities throughout the country, while strengthening teacher recruitment efforts."

TND also has a sister program for police officers (Officers Next Door), since HUD
created the officer and teacher programs in 1997 and 2000, respectively, approximately 6,000 police officers and teachers in 41 states and the District of Columbia have purchased the homes.

TND Basics

If you work full time for a public school, private school, or federal, state, county or city educational agency as a state-certified, classroom teacher or administrator in grades K-12 and in good standing with your employer you may be eligible.

If you are interested to see if you qualify for this grant, visit the Teacher Next Door web site at http://www.hud.gov/offices/hsg/sfh/reo/tnd/tnd.cfm

If this is not for you, please pass this article on to fellow teachers, police officers or
friends. If you have any questions or comments, email me at tliptrap@sbandmore.com.

This article has by researched and written by Timothy Liptrap, VP of the 101 Financial Lessons newsletter, for more articles, special reports and to join our free weekly newsletter for teachers and parents, visit http://www.101financiallessons.com. Copyright 2008 Timothy Liptrap
  Comments, questions email: tliptrap@sbandmore.com